Well, this time I was wrong. Instead of a Head and Shoulders (orange) and consolidation around 55k,
BTCUSD
shot straight up to 61k over the weekend. I knew the H&S was not a strong possibility, but I thought the consolidation was very likely. I still think the consolidation I had predicted will happen this week. Let's see what the numbers tell us.
Analysis:
I don't see any pattern, so we'll look at the indicators.
The RSI is just under 50%, which tells me that ~56k is the price the market is now considering acceptable for BTC.
The MACD on the other hand, is signalling that the drop is going to be even lower. You can see that the red bards are growing and both lines are very, very far from crossing. Yes, we are still in bull (positive territory), but considering where we were on the weekend, we are now pretty close to plunging into bear territory (below zero).
Finally, let's look at the volume. It is not big, but not as small as it was last week. This tells me that the traders who are going in, are indeed confirming the bear trend.
Summary/TLDR:
We have 1 indication of a consolidation and 3 indications of a decrease in price. I believe the price will keep on dropping for another 24 hours until we see a start of a recovery (this is based on the MACD from Feb 22-23).
Disclaimer:
Nothing here is investment or financial advice. Cryptocurrency is very risky. Please only invest what you can afford to lose.
BTCUSD
shot straight up to 61k over the weekend. I knew the H&S was not a strong possibility, but I thought the consolidation was very likely. I still think the consolidation I had predicted will happen this week. Let's see what the numbers tell us. Analysis:
I don't see any pattern, so we'll look at the indicators.
The RSI is just under 50%, which tells me that ~56k is the price the market is now considering acceptable for BTC.
The MACD on the other hand, is signalling that the drop is going to be even lower. You can see that the red bards are growing and both lines are very, very far from crossing. Yes, we are still in bull (positive territory), but considering where we were on the weekend, we are now pretty close to plunging into bear territory (below zero).
Finally, let's look at the volume. It is not big, but not as small as it was last week. This tells me that the traders who are going in, are indeed confirming the bear trend.
Summary/TLDR:
We have 1 indication of a consolidation and 3 indications of a decrease in price. I believe the price will keep on dropping for another 24 hours until we see a start of a recovery (this is based on the MACD from Feb 22-23).
Disclaimer:
Nothing here is investment or financial advice. Cryptocurrency is very risky. Please only invest what you can afford to lose.
